On Wednesday, oil futures dipped, following mounting worries regarding Britain’s probable exit from the EU as well as a shocking build in American inventories. Traders keep neglecting an IEA declaration, according to which, crude markets have just found themselves in balance.
US crude sank to its three-week minimum of about $47.55. The contract has been going down for five days. Now it’s worth $47.80 per barrel, a 71-cent dip. Brent was in negative territory too, hitting its two-week low. The given crude benchmark traded at $49.12 per barrel, showing a 71 cent-dip.
The American Petroleum Institute’s data showed that American oil inventories edged up by 1.2 million barrels in the week, ending with June 10 to about 536.7 million barrels, compared to expectations for a 2.3 million surge.
However, the impending vote on Brexit is currently dominating literally everything from German Bunds to currency markets. By the way, on Tuesday, German Bunds dipped below zero for the first time, after surveys revealed that the “Out campaign” keeps gaining more followers.